I shipped a VR game with WaveWorks and a bunch of other NVIDIA tech (working on AMDs VR integration right now), getting everything to production ready state for all GPUs, HMDs and systems was quite a project. 
The first thing that comes to my mind is that you’re assigning your WaveWorks shader from blueprints to your WaveWorks component. So WaveWorks gets initialized before it knows which shader/material to use. This will result in a NULL pointer to your WaveWorks material and nothing will get initialized.
To get around this, you will have to assign your material the other way around, from the code and than expose your material instance from the code to blueprints - if you need to do something with it on that level. Don’t forget, you can debug this, build your game in debug or development configuration and than you will be able to attach the debugger to the game, WaveWorks will get loaded when the first instance is initialized,
so if you have an ocean, spawn it manually with a keyboard key and make sure to attach your debugger before you spawn it. That way you should be able to debug your WaveWorks initialization code in packaged state. Hope it helps!